Res 1998-053 - Laserfiche WebLink

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72 FUNDING AGREEMENT FOR IDGHWA Y IMPROVEMENT PROJECT 1. Parties. This Agreement is between the City of San Marcos, Texas (the "City") and Sac-N-Pac Food Stores, Inc. ("Sac-N-Pac"). 2. Background and Purpose. The City is executing an agreement (the "TXDOT Agreement") with the Texas Department of Transportation ("TXDOT"), attached as Exhibit A, for improvements to be made by TXDOT at the intersection oflnterstate Highway 35 and Centerpoint Road (the "Project") in San Marcos, Hays County, Texas. The TXDOT Agreement requires the City to donate $1,000,000 towards the cost of the Project, :vhich consists of the elevation of the Interstate Highway 35 main lanes over Centerpoint Road, and to provide 100% of all costs of right-of-way and utility adjustments for the Project. Sac-N-Pac is willing to contribute $250,000 towards this donation to be made by the City to TXDOT for these improvements. Other private contributions to the City towards the Project by Tanger Properties Limited Partnership and San Marcos Factory Shops, Ltd. total $450,000. 3. Sac-N-Pac's Agreement. Sac-N-Pac agrees to pay the City the sum of $250,000 within ten days of the City's delivery to Sac-N-Pac of a copy of TXDOT's written request for payment of the $1,000,000 cash contribution to be made by the City towards the Project. 4. City's Agreement. The City agrees to pay to TXDOT the full amount paid by Sac-N-Pac to the City under this agreement, by the deadline established by TXDOT for receipt of the City's cash contribution. The City agrees not to use Sac-N-Pac's payment under this Agreement for any other purpose. The City's execution of the TXDOT Agreement is subject to the execution of this agreement, and similar agreements with Tanger Properties Limited Partnership and with San Marcos Factory Shops, Ltd. In the event TXDOT does not award a contract for the construction of the Project for any reason by February 1, 1999, and after Sac-N-Pac makes its payment to the City, the City will refund this payment in full to Sac-N-Pac by February 11,1999. 5. Miscellaneous. This Agreement is governed by the laws of the State of Texas, and it may not be assigned or modified without the written consent of both parties. The execution of this Agreement and the rXDOT Agreement is not to be construed as forming any type of joint venture or partnership between the arties to the agreements. CITY OF SAN MARCOS, TEXAS SAC-N-P AC FOOD STORES, INc. By: ~..Jk:t By:~~Ø~ Larry. Gi ey, City M ger t8(gnature Date: March 17, 1998 .;;: 6 A Je.f /f-~d ØA-K)(!r A/ f)¡ Printed name, ~le .. I ~ Date: ~ ':Ã.3 5' /